Generally, low speed takes half again as long, to twice as long to cycle the water as high speed, and costs 1/3 as much in electricity to do it.
That's just generally. Specifically, it may vary.
Usually, the loss is that it doesn't always move the water as well, so the skimmer isn't as effective. On the other hand, a sand filter seems to work much more effectively on the lower speed, filtering more stuff out.
I would never be without a 2 speed again.
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